Programme Director;
The leadership of the London Stock Exchange, our host;
Ministers and Deputy Ministers from South Africa;

Ladies and gentlemen, distinguished members of the London Stock Exchange, it is an honour to address you today as we gather to discuss the immense opportunities for increased trade and investment between South Africa and the United Kingdom.

South Africa and the United Kingdom have a long history of trade and collaboration, forged by shared ideals and a desire for success. Today, as we approach a new era in global economies, it is critical that we grasp the opportunity to strengthen our bonds and explore fresh paths for cooperation.

The London Stock Exchange is at the heart of where ideas meet capital and become reality, with the flexibility to make connections and create real impact. It is a place where we want the South African companies to access London's markets to connect with investors, raise capital, and drive growth. In other words, we would want to see more South African firms list their shares in London.

As a nation, we want to improve our partnership with LSE in order to attract more investment and create an environment in which companies may prosper and generate employment for our citizens. Working together, we can create new possibilities for trade and investment that will benefit both economies. We must also collaborate to overcome the difficulties that exist in our different nations. We face obstacles like climate change, stagnant economic growth, poverty, inequality, and unemployment in South Africa.

These challenges necessitate greater political cooperation and the implementation of policies and measures aimed at improving our nations' economic situation. We assure you that South Africa is committed to reviving its economy, achieving noteworthy advancements in economic growth and development.

Following the general election, we have established the Government of National Unity (GNU), which brings together ten political parties to promote national unity and political stability. The GNU has been working tirelessly in unity, as instructed by voters, to address South African concerns.

The GNU will continue to boost our economic and bilateral ties, as it has been done for decades. As the incoming administration, we will continue to hold the United Kingdom in high regard, not just for historical reasons but also for the enormous potential for partnership and progress between our nations.

Through initiatives such as the Economic Reconstruction and Recovery Plan (ERRP), we are prioritising spending across infrastructure, providing employment stimulus to sustain jobs, and implementing measures to deepen local industrialisation. The Recovery Plan is underpinned by a social compact between government, business and labour, and sector representatives.

Operation Vulindlela (OV), a task team under The Presidency, is addressing the ongoing implementation of the existing structural reform that are needed.

Its successes include boosting investment in electricity generation and drawing up plans that are now being implemented to allow more private sector participation in the country’s freight-rail network.

Operation Vulindlela has already unlocked R500 billion in investment. According to the Stellenbosch-based Bureau for Economic Research, if the program's reforms take hold, economic growth may accelerate to 3.5 percent by 2029.

Ladies and gentlemen,

Today, I stand pleased because our nation has progressed in solving power challenges. Regular power outages are no longer an issue, and we have enjoyed continuous electricity supply since March of this year.

This demonstrates South Africa's commitment to creating an enabling environment for investment. However, it was not achieved overnight.

In July 2022, President Cyril Ramaphosa announced the Energy Action Plan, whose key interventions include: Fix Eskom and improve the availability of existing supply, Enable and accelerate private investment in generation capacity, Fast-track the procurement of new generation capacity from renewables, gas, and battery storage, Unleash businesses and households to invest in rooftop solar and Fundamentally transform the electricity sector to achieve long-term energy security.

Furthermore, Eskom announced the two-year Generation Operational Recovery Plan, the primary goal of which was to improve the quantity of electricity, known as the "Energy Availability Factor" (EAF), to 70% of the network's capacity. At the same time, Eskom restructured its leadership, which many see as a critical element.

Eskom has also been progressively adding alternative energy sources, such as wind and solar, to help address the energy shortage. Our objective is to transition away from fossil fuels and towards sustainable energy sources in accordance with global trends. However, we are doing it at a speed and in a way that is consistent with our country's growth path.

Additionally, South Africa is embarking on an ambitious Just Energy Transition (JET), which requires large-scale investment of approximately $100 billion from a range of both public and private sector sources, using a range of financing instruments.

To meet its emissions reduction targets and safeguard vulnerable communities and workers from transition risk, South Africa has a clear plan for the JET investments required.

JET's investment requirements and possibilities include renewable energy, electricity transmission and distribution infrastructure, green hydrogen, new energy vehicles, energy transition skills, and economic diversification. Private investment, public-private partnerships, and foreign partners are critical for South Africa to accomplish its JET goals.

Investors can be an important partner for South Africa as the energy sector undergoes a major transformation.

Ladies and gentlemen,

Let me take this opportunity to highlight that South Africa is among the top five African countries with the best infrastructure. Our objective is to be the leading nation with the greatest infrastructure to meet the demands of regular citizens and enterprises.

Infrastructure South Africa (ISA), the main force behind the National Infrastructure Plan (NIP) 2050, has done a tremendous deal of work, including resolving legislative and regulatory issues that obstruct investment and boosting investor confidence.

During March 2024, President Cyril Ramaphosa unveiled 12 major projects that the Department of Public Works and ISA are prioritising to attract investments. They include:

• The R2.1 billion liquid natural gas import terminal in KwaZulu-Natal.
• The R38-billion Durban Container Terminal (DCT Pier 1) project in KwaZulu-Natal.
• The R2.2-billion Berth A100 liquid bulk project here in the Eastern Cape.
• The R7.5-billion Ukuvuselela Rail Project between Gauteng and the Eastern Cape aimed at assisting car and component manufacturers and exporters.
• The R30-billion Eskom Mossel Bay gas project.
• The R35.8-billion Eskom Tubatse pumped hydro storage project.
• The R35.8-billion Rooiwal Phase 2 wastewater project in Tshwane

Our fiscal policy will continue to focus on providing a clear and stable macroeconomic framework that supports growth, implementing reforms that increase our economy's competitiveness, and prioritising investment in infrastructure through improvements in the infrastructure pipeline, its execution, and its financing.

The South African Government faces a significant financing gap for its infrastructure portfolio, which could potentially require additional funding. As reflected in the 2023/24 Budget Review, total infrastructure investment planned by the government over the next three years amounts to R943 billion.

The National Treasury is attempting to raise funding for public-sector infrastructure projects funded by the Budget Facility for Infrastructure (BFI) through the Budget Facility for Infrastructure Window, which includes concessional financing from the Multilateral Development Bank and development partner countries.

The National Treasury is currently screening potential funding projects. We urge financing institutions to participate in funding some of the projects once they receive BFI approval.

Ladies and gentlemen,

Let me conclude by highlighting that over the past years the countries have frequently collaborated politically in various multilateral organisations to advance shared ideals and objectives, including in the G20 and the United Nations Security Council (UNSC).

Most recently, during Prime Minister Starmer's call to President Ramaphosa on July 7, 2024, the two leaders reaffirmed their commitment to strengthening ties. President Ramaphosa aspired for more alignment with the United Kingdom at both the national and global levels, with South Africa's G20 presidency in 2025 being one such chance. The Prime Minister agreed that the G20 will serve as a venue for promoting common objectives in climate change, economic development, and inequality reduction.

We appreciate your support and would like to invite you to take advantage of the African Free Trade Agreement, of which South Africa is a member. The Free Trade Agreement is a high-level trade agreement that aims to gradually bring together all 55 African Union member states, covering a market of more than 1.3 billion people, with a comprehensive scope that includes critical areas of Africa's economy, such as digital trade, investment, and trade in goods and services, among others.

The AfCFTA aims to significantly increase intra-African trade, particularly value-added products and trade across all sectors of Africa's economy. Our unique position at Africa's doorway makes us an ideal partner for firms looking to expand throughout the continent. We always say to ourselves, we are a gateway to Africa.

Ladies and gentlemen,

I extend an invitation to the companies and investors in attendance today to investigate the prospects that South Africa presents. South Africa is prepared to work with you every step of the way, whether your goals are developing renewable energy, extending your market reach, or developing infrastructure.
In other words, we are open for business.

I thank you.

Programme Director,
Ministers and Deputy Ministers from South Africa,
Bloomberg Executive Members in attendance,
Distinguished guests,
Ladies and gentlemen,

Good morning.

It is an honour to be here today to be part of this Bloomberg Roundtable discussions. 

My delegation and I are here in the United Kingdom to build on the outcomes of the State Visit by President Cyril Ramaphosa in 2022, with a specific focus on how we can work together to ensure inclusive economic growth, address and respond to climate change challenges and the just transition; and ensure a balance and increase of trade between our two countries.

In a nutshell, our strategic objectives will therefore include:

• Identify new ways to grow the South African economy through the promotion of trade and investment between South Africa and the UK.

• Strengthening economic cooperation with the UK in support of the Government’s strategic priorities, specifically:

a) advancing inclusive and sustainable economic growth; and
b) addressing poverty and the high cost of living.

• Strengthen our bilateral partnership in a number of sectors, but specifically in terms of trade, investment, skills development, science, innovation, tourism, and the Just Energy Transition. 

Ladies and gentlemen,

All of these major sectors aim to advance the Government of National Unity’s strategic priorities of achieving sustainable economic growth, alleviating poverty and the high cost of living, and developing an ethical, capable developmental state.

Speaking of GNU, it was chosen by our voters. Our people voted for us to collaborate to achieve their goal of creating better employment opportunities and equal economic growth in all facets of society. 

The GNU, which is comprised of 10 parties, is working together to ensure that we do not derail our efforts to reform society for the better. It is the best tactical option for us to move the country ahead, putting our differences aside for the benefit of our great nation. 

Today, we are here to assure those who have invested in our country and those who intend to invest in South Africa that the GNU is working together to create a conducive environment for businesses to strive. 

The GNU will continue to strengthen our trade and bilateral relations as it has been for many decades. As the new Government, we will continue to hold the United Kingdom in a special place in our hearts, not only due to our historical ties but also because of the immense potential for collaboration and growth that exists between our two countries. 

By fostering stronger trade and investment relationships, we aim to create a win-win situation for both nations that will bring economic prosperity and stability.

Ladies and gentlemen,

We are aware that both countries are in a crucial juncture in our respective economic development. We are both facing various challenges impacting on our stagnant economic growth due to a number of reasons, including the effects of the COVID-19 pandemic and the energy crisis, and the Russia-Ukraine war. 

South Africa is committed to reviving our economy and in this regard, we have made notable progress in terms of economic growth and development. 

Through initiatives such as Economic Reconstruction and Recovery Plan (ERRP), we are prioritising spending across infrastructure, providing employment stimulus to sustain jobs and implementing measures to deepen local industrialisation. South Africa’s Economic Recovery Plan is underpinned by a social compact between Government, business and labour, and sector representatives.

We urge the UK businesses to deepen their investment ties with South Africa as we aim to accelerate our walk on the path to recovery. We assure the investors that investments in South Africa are secure. Our business environment is stable as is the political environment and this is supported policy certainty and regulatory safeguards.

As Government, we have also taken a path to focus on the discipline of execution, through the sustained implementation of the existing structural reform plans being addressed by Operation Vulindlela 'clear the path' (OV), a Task Team in The Presidency.

Its successes include boosting investment in electricity generation and drawing up plans that are now being implemented, to allow more private participation in the country’s freight-rail network and reform its byzantine work permit regime.

Operation Vulindlela has already unlocked R500 billion in investment. According to the Stellenbosch-based Bureau for Economic Research, if the reforms implemented under the programme take hold, economic growth may accelerate to 3.5 per cent by 2029. 

We have also implemented measures to deal with load shedding which have already showed results. As part of a comprehensive restructuring process we are unbundling utility into three distinct companies of transmission, distribution, and generation.

As the world and South Africa address climate change and the critical need to lower emissions and move towards a just transition, we have a successful Renewable Energy Independent Power Producer Procurement Programme. This has attracted over R209 billion in investment and added much-needed capacity to our electricity grid.

We invite you to come and invest in the renewables as such, a system for private sector investment is in development. We are expediting funding for investment-ready projects in all areas of the just energy transition.

Since local mineral beneficiation can boost employment and development, we also concentrate on local beneficiation strategies for the South African minerals sector. Therefore, a cooperation focused on key minerals would turn the extractive industry into a mutually beneficial strategic economic cooperation. 

Collaboration with the UK government is crucial in achieving our goals of building an inclusive economy. The UK has a long history of economic development and innovation, and we can learn a great deal from your experiences. 

By working together, we can achieve much more.

As a country, we are also looking at expanding our investment in the UK because we consider you to be a major economic powerhouse with a diverse and dynamic market that offers numerous opportunities for our businesses to expand and thrive. We want to unlock new avenues for growth and development.

By strengthening our trade ties with the UK, we hope to diversify our export markets, reducing our dependency on a single market and making our economy more resilient to external shocks. This will not only benefit our businesses, but also contribute to the overall economic growth and stability of both our nations.

Furthermore, enhancing our investment relationship with the UK will open up new sources of funding and expertise that can support key sectors of our economy, such as infrastructure, manufacturing, and technology.

By working together, we can leverage each other's strengths and resources to promote economic growth, create job opportunities, and improve the standard of living for all our citizens.

We are committed to fostering a strong and mutually beneficial relationship with the UK government, based on shared values of democracy, freedom, and economic prosperity. Together, we can overcome the challenges that lie ahead and build a better future for our nations and our people.

Our visit to the UK is a testament to our commitment to building strong and mutually beneficial partnerships that will drive sustainable growth and prosperity for both nations. By working together, we can unlock the full potential of our commercial ties and create a brighter future for our citizens.

In conclusion, I want to reiterate our commitment to building an inclusive economy in South Africa and to strengthening our collaboration with the UK government. Together, we can create a brighter future for all our citizens and ensure that our economies continue to grow and thrive.

Thank you for your attention, and I look forward to working together with all of you in achieving our shared goals.

I thank you.